The Board of Directors of The Gabelli Convertible Securities Fund, Inc. (NYSE - GCV),
at a meeting held on May 19, 1999, authorized a $0.20 per share cash distribution
payable on June 28, 1999 to Common Shareholders of record on June 18, 1999.
This distribution is pursuant to the Gabelli Convertible Securities Fund's 8% annual
distribution policy. Long term capital gains, if any, will be included on a pro-rata
basis in all distributions throughout the year.
Under the Convertible Securities Fund's payout policy the Fund will pay out a minimum
annual distribution of 8% of the average net asset value of the Fund. The Fund will
pay $0.20 per share in each of the first three quarters of the year and a distribution
in the fourth quarter of a sufficient amount to pay 8% of the average net asset value
of the Fund, as of the last day of the four preceding calendar quarters, or to satisfy
the minimum distribution requirements of the Internal Revenue Code, whichever is greater.
The Gabelli Convertible Securities Fund is a closed-end, diversified management
investment company with $125 million in total assets whose primary investment objective
is to seek a high level of total return through a combination of current income and
capital appreciation by investing primarily in convertible securities.